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France signs one billion euro navy deal with Egypt

OWoN: Exporting more American jobs.

Somewhat amusing the French will get jobs and America will provide the aid to pay.

Paris and Cairo have enjoyed close economic ties in the past but turmoil in the north African state since former president Hosni Mubarak was ousted has left Western governments wary of signing contracts.

France has secured its first major military contract in Egypt in about 20 years with a 1 billion euros ($1.35 billion) deal to sell four naval frigates, a French diplomatic source said on Saturday.

Paris and Cairo have enjoyed close economic ties in the past but turmoil in the north African state since former president Hosni Mubarak was ousted has left Western governments wary of signing contracts, especially in the defence sector.

"We have good bilateral relations," French Foreign Minister Laurent Fabius said in Cairo after meeting Egyptian President Abdal Fatah al-Sisi. "We discussed economic aspects and ... contracts, including in the defence sector."

The DCNS company, in which the French state has a majority stake, won the contract to provide four corvette frigates to the Egyptian navy.read more